Retailer Taubman Centers Inc. sells 49% of International Plaza

BUYER: TIAA-CREF and APG
SELLER: Taubman Centers Inc.
PROPERTY: 2223 N. West Shore Blvd., Tampa (49.9% interest)
PRICE: $499 million

PLANS, DESCRIPTION: Retail real estate investment trust Taubman Centers Inc. sold a 49.9% interest in Tampa's International Plaza to a joint venture that is 51% owned by financial services company TIAA-CREF and 49% owned by Dutch pension services APG for $499 million.

The purchase price consists of $337 million in cash and $162 million of beneficial interest in debt.